Following the release of profits for the first quarter of this year that were much higher than experts had predicted, Microsoft and Meta Platforms are spearheading a surge on Wall Street on Thursday.
In lunchtime trading, the S&P 500 was up 1.5% and on track to record its longest winning run since August with an eighth consecutive gain. At 11:15 a.m., the Nasdaq composite was 2.6% higher and the Dow Jones Industrial Average was up 381 points, or 0.9%.
Following the software giant’s announcement that its total sales had increased 13% over the previous year, driven by growth in its cloud computing and artificial intelligence sectors, Microsoft’s stock rose 9.5%.
In the most recent quarter, Meta, the parent company of Facebook and Instagram, also exceeded analysts’ earnings and sales projections. Its stock increased 6%, and it claimed that AI techniques increased its advertising income.
Due to their enormous proportions, the two stocks rank among the most significant in the S&P 500 and other indices; however, they are not alone. Over the last week, Wall Street has been steadied by a constant stream of better-than-expected profit results from firms including CVS Health, Carrier Global, and several more. After momentarily falling over 20% below its record established earlier this year, the S&P 500 is now within 8% of it.
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